During 2017, our supervisors conducted a multi-firm review of how asset management firms value so-called ‘hard to value’ assets.
The review was based on existing rules and guidance. It assessed a range of asset managers of different sizes with various investment strategies including private equity, long-only and alternative managers.
August 2025 update: This review is historical. See our what we publish[1] page for more information and current views.
Video: What we found and what we want firms to do
In this video, Nick Miller, head of asset management presents what we looked at and found, examples of good practice and areas for improvement. The findings are relevant to all firms in the sector. We encourage those firms to watch the video and consider their arrangements in light of our feedback.